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Question - On December 31, 2017, Crane Inc. sold computer equipment to Daniell Co. and immediately leased it back for 10 years. The sales price of the equipment was $515,900, its carrying amount is $396,200, and its estimated remaining economic life is 12 years. Determine the amount of deferred revenue to be reported from the sale of the computer equipment on December 31, 2017.
Why did the controller compute depreciation expense on the financial statements as he or she did? What are the possible consequences of the controller's decision on the amount of depreciation expense?
Pension data for the Cookie Monster Company included the following for the current calendar year: Determine the amount of pension plan assets at the fair value on Dec 31. Determine the amount of pension expense.
Prepare the December 31,2010 statement of changes in stockholders equity - As a new company, Rutledge issued 50,000 shares of $1 par common stock for $350,000.
It is essential that an organization has an appropriate value proposition. The firm cannot prepare a strategic plan until they have the value proposition developed. Summarize the concept of a value proposition. Explain the importance of developing an..
Many firms issue debt to finance their stock repurchases. Issuing debt is another controversial topic.
Neptune Company produces toys and other items for use in beach and resort areas. A small, inflatable toy has come onto the market that the company is anxious to produce and sell. The new toy will sell for $3 per unit. Enough capacity exists in the co..
A newly hired manager of a engineering company,does not understand how the cost of the firm's equipment is expensed. In memo format, explain how depreciation provides a means of expensing the cost of equipment.
Lancelot owns a cabin that he rented for 4 months and lived in for 2 months. Lancelot received $6,000 in rental income. Lancelot's total expenses were as follows: Depreciation $3600, Maintenance $200, Utilities $500, Taxes $1100, Interest $2400. What..
banner company manufactures flags of various countries. each flag has a standard of eight square feet of fabric and
The company’s stock is hundred percent owned by its several cofounders, and the current market price of each of the 500,000 shares of stock is $20. When you started your work, you were immediately assigned a big project. What is the weighted average ..
Fielder co obtained land by issuing 2,000 shares of its 10 par value common stock. The land recently appraised at 85,000 the common stock is actively traded at 40 dollars per share. Prepare journal entries to record acquisition of the land.
1.your accounts payable system generates automated journal entries each time an invoice is recorded.2.each vendor has
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